Thank you for submitting homework task-2 in crypto-academy.

Repository of the private key. With Keystore, a small file is downloaded to your computer or phone. You have to keep it in a very safe place. Do not share this file with others, otherwise all your funds will be encrypted and your blockchain address will be passed on to someone else.

The Keystore file is a JSON file, an encrypted version of Private Key. However, a Keystore file alone is not a private key. In order to restore a wallet, you have to use the Keystore file+Password(set by you in the previous installation) to gain access to your wallet again. In some of the wallets(e.g. Etherum MEW wallet), these are downloaded to your device while some others (e.g. TronLink)allow you to copy your Keystore file.

So the password set by you is important if you are dealing with your TronLink wallet with Keystore File. However, that password set by you may not be important in the next installation/restoration of a wallet if you are using Mnemonic key or Private key.

Keystore File+Password(set by you) ~ Private Key

The private key is a string of alphanumeric characters.

Mnemonics key is the simplified version of a private key, generally, BIP 32 BIP-39 specifications are used to convert the private key into human-readable words which are relatively easier to handle. The correct sequence of mnemonic phrases can unlock your crypto asset.

It is always best practice to write down the Mnemonics key on a piece of paper, keep that off-line. You can also use a brand new pen drive to store your Keystore file, Private Key, etc. But always keep a hardcopy of the private key, that is safer than other ways of storing keys.

Thank you.